HB2399 Summary

• Amends the Northern Illinois University Law to authorize the Board of Trustees to acquire, develop, and manage land parcels in DeKalb, Cook, and Winnebago counties for buildings and facilities that serve university purposes or advance university interests.

• Authorizes the Board to acquire land through purchase, lease, or eminent domain; sublease or contract to purchase portions of buildings or facilities for terms exceeding 5 years; and sell property while retaining proceeds in a special development fund account.

• Permits revenues from the development fund to be used for demolition, repairs to existing campus facilities and infrastructure, and professional services for planning and design purposes.

• Allows the University to borrow money in anticipation of tuition and state payments, with borrowing capped at 100% of outstanding fiscal year 2010 state vouchers; borrowed funds must be repaid within one year and do not constitute state debt.

• Grants the Board authority over all development and use of buildings or facilities on the specified land parcels, which are exempt from limitations applicable to state-supported colleges or universities when leased to non-university entities.